Total debt totaled $12.73 trillion as of March 31, 1.2% higher than the fourth quarter of 2016 and 14% higher than the trough in the second quarter of 2013, following the financial crisis and recession. The 2008 peak level was $12.68 trillion. New York Fed officials note that the figures are nominal, so don't take into account inflation.

Mortgage debt made up by far the biggest chunk of aggregate debt. It grew by $147 billion in the first quarter. Auto loans and student loans grew by $10 billion and $34 billion, respectively. Credit card balances actually declined by $15 billion.

Student loans have by far the highest delinquency rate at 11%, but that ticked down from 11.2% last quarter. The delinquency rate for credit card debt rose to 7.5%.

At the same time the NY Fed reports that credit conditions tightened for obtaining auto loans and mortgages.

While surpassing the prior milestone is worth noting, it's not cause for worry. Consumer credit levels should be expected to grow in an expanding economy.

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